1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report - The profit of float glass enterprises has slightly increased, and the daily melting volume is relatively stable. With the glass from the previously ignited production lines expected to be available this week and no clear plans for new production line ignition or shutdown, the supply side may continue to increase slightly. - The terminal demand for float glass remains weak. However, driven by improved market sentiment, spot-futures traders and distributors in the North China market are more active in purchasing, and downstream industries are replenishing their stocks due to rigid demand. As a result, most factories have significantly reduced their inventories. - The glass price is expected to fluctuate in the near term, with the support level for the 01 contract at 1250 yuan. It is recommended to adopt a short - term trading strategy of selling high and buying low and pay attention to setting stop - losses. [2][21] 3. Summary by Directory 3.1 Chapter 1: Market Review - The spot price of the domestic float glass market has risen, with an average price of 1190 yuan/ton, a increase of 13.88 yuan/ton compared to the previous period. - In the North China market, the upward trend is obvious. Driven by market sentiment, the purchasing enthusiasm of spot - futures traders and distributors is high, and downstream industries are replenishing their stocks due to rigid demand. Most factories have significantly reduced their inventories, and prices have been raised multiple times. - In the East China market, the negotiation focus has increased. Boosted by macro - sentiment and continuous price increases in the peripheral market, the prices of most enterprises in the East China region have risen. Processors have replenished their stocks moderately, and the trading atmosphere is acceptable. [8] 3.2 Chapter 2: Analysis of Price Influencing Factors 3.2.1 Supply Analysis - As of July 24, the average operating rate of the float glass industry was 75.1%, a decrease of 0.43 percentage points month - on - month; the average capacity utilization rate was 79.14%, an increase of 0.07 percentage points month - on - month. With the glass from the previously ignited production lines expected to be available and no clear plans for new production line ignition or shutdown, the supply side may continue to increase slightly. - As of July 24, the weekly average profit of float glass using natural gas as fuel was - 168.36 yuan/ton, an increase of 10.54 yuan/ton compared to the previous period; the weekly average profit of float glass using coal - made gas as fuel was 128.93 yuan/ton, an increase of 7.10 yuan/ton; the weekly average profit of float glass using petroleum coke as fuel was 53.42 yuan/ton, an increase of 58.18 yuan/ton. [11] 3.2.2 Demand Analysis - As of July 15, 2025, the average order days of national deep - processing sample enterprises was 9.3 days, a decrease of 2.1% month - on - month and 7.0% year - on - year. In mid - July, most deep - processing enterprises reported that their orders basically remained at the previous level, with no signs of improvement in demand. Currently, the profit level is still low, and a few enterprises reported a continued decline in orders. - The terminal demand for float glass remains weak. From January to June 2025, the cumulative completed area of real estate was 22566.61 million square meters, a year - on - year decrease of 14.8%. In June 2025, the inventory warning index of Chinese automobile dealers was 56.6%, a decrease of 5.7 percentage points year - on - year and an increase of 3.9 percentage points month - on - month. The inventory warning index is above the boom - bust line, indicating a decline in the prosperity of the automobile circulation industry. According to data from the China Association of Automobile Manufacturers, the automobile production in June was 2.799 million vehicles, and the sales volume was 2.904 million vehicles. [13] 3.2.3 Inventory Analysis - As of July 24, 2025, the total inventory of national float glass sample enterprises was 61.896 million heavy boxes, a decrease of 3.043 million heavy boxes compared to the previous period, a month - on - month decrease of 4.69% and a year - on - year decrease of 7.74%. The inventory days were 26.6 days, a decrease of 1.3 days compared to the previous period. - Driven by market sentiment, the purchasing enthusiasm of spot - futures traders and distributors in the North China region has increased, and downstream industries are replenishing their stocks due to rigid demand. Most factories have significantly reduced their inventories, leading to a larger decline in regional inventory. In the East China market, the overall sales have improved, and the inventory has continued to decrease month - on - month. With the continuous increase in peripheral prices and the narrowing of regional price differences, most enterprises in the East China region have adjusted their prices, which has accelerated the sales speed. At the same time, due to the relatively appropriate prices of over - aged and qualified products of some enterprises in Jiangsu and Anhui, processors have replenished their stocks moderately, and enterprises have significantly reduced their inventories. [16] 3.2.4 Position Analysis - As of July 25, the long positions of the top 20 members in the glass futures market were 773,747, an increase of 28,882; the short positions were 950,052, an increase of 14,998. The net position of the top 20 members was bearish. [19] 3.3 Chapter 3: Market Outlook and Investment Strategy - The profit of float glass enterprises has slightly increased, and the daily melting volume is relatively stable. With the glass from the previously ignited production lines expected to be available this week and no clear plans for new production line ignition or shutdown, the supply side may continue to increase slightly. - The terminal demand for float glass remains weak. Driven by market sentiment, spot - futures traders and distributors in the North China market are more active in purchasing, and downstream industries are replenishing their stocks due to rigid demand. Most factories have significantly reduced their inventories. In the future, attention should be paid to the changes in the start - up of float glass production lines. - The glass price is expected to fluctuate in the near term, with the support level for the 01 contract at 1250 yuan. It is recommended to adopt a short - term trading strategy of selling high and buying low and pay attention to setting stop - losses. [21]

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The current profit of float glass enterprises is relatively stable, downstream demand is poor, the daily melting volume is stable, and the supply side may continue to increase slightly. The terminal demand for float glass remains weak, the orders of downstream deep - processing enterprises are insufficient, and the inventory of float glass enterprises has decreased. It is expected that the glass price will fluctuate in the near future, with the upper pressure of the 09 contract at the 1150 level. Short - term high - selling and low - buying is recommended, and attention should be paid to stop - loss [2][21]. 3) Summary by Directory Chapter 1: Market Review - The spot price of the domestic float glass market declined slightly, with an average price of 1174 yuan/ton, a decrease of 0.61 yuan/ton compared with the previous period. In different regions, the market showed different trends. For example, in the Shahe area, the prices were adjusted up and down during the week; the Beijing - Tianjin - Tangshan market was generally stable with individual price increases; the East China market had minor fluctuations [8]. Chapter 2: Price Influence Factor Analysis - **Supply - side Analysis**: As of July 10, the national daily output of float glass was 158,400 tons, a 0.41% increase from the 3rd. The weekly output was 1.107 billion tons, a 0.33% increase from the previous week and a 7.16% decrease year - on - year. The supply side may continue to increase slightly. The weekly average profit of float glass with different fuels also showed different changes [12]. - **Demand - side Analysis**: As of June 30, 2025, the average order days of national deep - processing sample enterprises was 9.5 days, a 3.4% decrease from the previous period and a 5.0% decrease year - on - year. The terminal demand for float glass remained weak. From January to May 2025, the cumulative real - estate completion area was 183.85 million square meters, a 17.3% year - on - year decrease. In June 2025, the inventory warning index of Chinese automobile dealers was 56.6%, indicating a decline in the automobile circulation industry's prosperity [14]. - **Inventory Analysis**: As of July 10, the total inventory of national float glass sample enterprises was 67.102 million heavy boxes, a 2.87% decrease from the previous period and a 5.54% increase year - on - year. The inventory days were 28.9 days, a decrease of 1.0 day from the previous period. The inventory in the North China and East China markets decreased [17]. - **Position Analysis**: As of July 11, the top 20 members' long positions in glass futures increased by 12,752 to 866,583, and the short positions increased by 13,338 to 1,197,213, with a net short position [19]. Chapter 3: Market Outlook and Investment Strategy - The profit of float glass enterprises is stable, downstream demand is poor, the daily melting volume is stable, and the supply side may increase slightly. The terminal demand for float glass is weak, and the inventory of float glass enterprises has decreased. The glass price is expected to fluctuate in the near future, with the upper pressure of the 09 contract at the 1150 level. Short - term high - selling and low - buying is recommended, and attention should be paid to stop - loss [21].